Economics The allocation of scarce resources among competing uses. What are the scarce resources?

Resource 1: Land

Apartment in Upper West Side 1 bedroom & 1 bathroom $3,275 per month Unfurnished

Renting in Detroit Price: $395 Beds: 1 Baths: 1

Resource 2: Labor Surgeon Salaries Cardiovascular Surgeon New York $507,829 Miami $429,728 General Surgeon $249,700 $336,000 Jennifer Lawrence $52,000,000 Robert Downey $80,000,000

Not all jobs are the same! How much would you have to be paid to do these jobs? They make between $100 and $250 per show!

Street Vendors Catching Gators $14,000 - $16,000 a year Sources state they get about $1,000 for a12 foot gator

Resource 3: Capital Automotive Plant Classroom

Resource 4: Entrepreneurial Spirit Mark Zuckerberg Net Worth $71.1 billion Jeff Bezos - Amazon Net Worth $83.2 billion Bill Gates - Microsoft Net Worth $89.8 billion LeBron James Net Worth $400 million Oprah Winfrey Net Worth $3 billion Alice Walton Net Worth $33.8 billion

How to get rich quick? Jack Ma made $16 billion at the IPO

Self made millionaires Kendra Scott $500 million Kim Karashian $45.5 million Jay-Z $810 million

The idea has to be a bit different!

Basic Economic Terms Scarcity is a situation in which the amount of something available is insufficient to satisfy the cumulative desire for it. goods, services, and markets Microeconomics is the study of the branches (sectors) of the economy .Some of the sectors are: retail and wholesale trade, construction, agriculture, mining, manufacturing, and government. Within each sector there are a plethora of sub categories (industries). Macroeconomics takes a broader approach to addressing economic questions. Instead of analyzing a specific sector, macroeconomics deals with the overall picture. For example what is the role of the government in an economy? How have prices changed overtime? What is the unemployment rate of the U.S.? What is the growth rate of the US economy ? Marginal Analysis is the analysis of the effect of incremental, additional changes that ultimately impact a market. Positive Economics just the facts, if then statements. If income rises then consumption will rise. Normative Economics the area of economics that is concerned with whether economic policies are good or bad. Objective of Microeconomics From a Business Perspective: To determine an amount to charge, and an amount to produce. Fields of Economics Public, Finance, Monetary, International, Labor, Environmental, Industrial Relations, Developmental Other Terms of Interest Opportunity cost - the cost of a good or service measured in terms of the highest valued alternative Invisible Hand: Let the demand of the consumers determine what should be supplied. Ceteris Paribus “holding everything else constant”

Additional Notes Economics is the study of the allocation of scarce resources among competing uses. The resources that need to be allocated are land, labor, capital, and entrepreneurial spirit. In the U.S. the resources are allocated by money. The purchasing entity - whether it is a person, business or the government – with the most money receives the goods and/or services that are available. The more entities competing for the scarce resource, the higher the resources monetary value.